Not enough housing in the Northland | www.WDIO.com

Not enough housing in the Northland

Shalon Monroe
Updated: December 01, 2021 10:38 PM
Created: December 01, 2021 06:33 PM

The housing market in the Northland has been fluctuating over the past several years. It’s been a seller’s market, seeing a booming uptick like most of the country this year. With more and more individuals and families moving into the area and a shortage of listings and supply issues, it's becoming frustrating for those who want to buy a home.

Some of the frustrations come from homes that could be listed on the market are not, that’s due to some current homeowners not being able to find their next home. With a lack of homes on the market, potential home buyers are doing everything possible to secure a home no matter what the cost might be.

In October, most homes on average in the region sold for 3.3% higher than last October according to data from Lake Superior Area Realtors. From 2020 to 2021, the average sale price increased from $225,448 to $259,179 per home. 

"At the beginning of the process, with a lot of buyers, they are trying to make offers that are only $2,000 to $3,000 over asking prices and getting beat out several times. They'll start making these offers that are ten, twenty and thirty thousand dollars over asking price just to secure a home," said President-Elect of Lake Superior Area Realtors, Karen Pagel Guerndt. 

This year, houses for sale sat on the market for about 26 days before an offer was accepted. Last year, it was 56 days.  

Credits

Shalon Monroe

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